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. every time it happened, it was caused by greed and ego's and over lending and overspending. as warren buffett said recently, a climate of fear is an investor's best friend. had he was free and courageous and she always kept a cool head. she worked hard and did her homework and she knew her company. when everyone jumped overboard, she climbed in and grab the oars. when everyone was rushing, she clambered off the bow. it took courage, but she bought when everyone was selling and she sold when everyone was buying. by the time she died, she own houses and office buildings and big blocks from vermont to new york and illinois to missouri and texas to california. she helped out banks when times were bad and they were in trouble. she was the largest individual lender to the new york city government. she lived in the gilded age when society lived lavishly and she rebelled against their opulence. she lived a simple life. she loved her children and her friends. she was of those who befriended her for her money and she showed her dog great affection and when asked why, she said -- [inaudible] [la
incumbent wealth. if you take the wealth of two admittedly hugely rich people, bill gates and warren buffett, their wealth is equal to the collective wealth of the bottom 40% of the income distribution in the united states. two got a very cool to the bottom 1 twenty million americans. that is pretty big. interestingly, this was a surprise. i sold my book to the publishers in september of 2008 just before the financial crisis and then the crisis happened and many people were sad and i had a particular reason for sorrow because i thought the entire premise of my book is gone. the superelite is over. this financial crisis has happened, surely this system is going to change completely and these superfortunes will be wiped out and there will be a real calibration. i wrote a new book proposal. but after six months i was talking to my publishers and we said actually, that proposal is still going to work. the data of borne that out. i would like to talk about it as the 1% recovery. if you look at -- it is true. if you look at the economic recovery, the numbers in terms of income distributions in 200
. [laughter] >> there are others like warren buffett who said he does not think it is a cliff but a slope and we have more time. regardless, no doubt the government is looking at this. what does canada need to do and what is it doing to prepare should the americans go off that cliff? >> the first thing i would say, obviously whatever happens in the united states, especially something that could happen that would significantly slow the american economy, would be of great concern to us. notwithstanding all of our efforts to plan for the longer- term and diversify our economy for the major export market has been the single biggest driving factor in canadian growth or slowness of growth over the past several years. we are watching this with great interest. i would say in fairness to u.s. policy makers, i think there are too difficult questions here that get mixed up together. they're both important. one is the concern of barry sudden drops in government expenditure and taxes on january 1 i could have a significant negative shock to the american and global economy. the other is the need for th
cut down the economy. our friend, not warren buffett but the other guy. a great conversation, ralph nader has been by. years ago -- >> what did he learn from his -- >> did me a favor of not bothering me with his problems which was great that spin too much time trying to make money. >> a useful friends with him? >> i never said anything about him. >> as we go, you have an unusual hobby. you, something unusual. >> i have a collection of backers. also have a collection of airsickness bags. one thing i do ask people who come to the meeting, very helpful if you are traveling, you have an airsickness bag which the free present government afghanistan air sickness bag, so it is a great collection and somebody mentioned years ago in a profile starting in an e-mail, this is -- and odd quirky thing i did. >> what is the mood at the meeting going to be? >> people are very optimistic. people were disappointed because we didn't have the house senate president and then people thought we were going to get the president in the senate and stock didn't go up. we elected a house stronger than the last
Search Results 0 to 3 of about 4